But bear with me for just a moment while you imagine this scenario: it's the first week in December, you're about to start on the three week spending binge of gifts, food, decorations, booze and holiday accommodation, and you realise you haven't set aside a penny, not a bean, to help you foot the bills.

Fast forward to the end of January 2010, and you have the same Christmas debt hangover you had the same time a year ago.

And without wanting to be the grinch who stole Christmas, here are a few statistics from the latest Dun & Bradstreet National Consumer Credit Expectations Survey:

• Eighteen per cent of Australians expect to apply for new credit or a credit limit increase

• One in five (19%) households expect their level of debt to increase in the coming months

• Seventeen per cent of Australians anticipate a need to use credit cards to pay for bills they otherwise couldn't afford

• One in four (25%) households are concerned about the amount of money they spent at Christmas and 7% expect they will struggle to pay their bills as a result
So with all that in mind, the idea of starting to save for this year's silly season probably seems less ridiculous.

By putting away $20 a week starting next week, you will have $840 in the bank come December 25. And that's before interest!

The banks are all vying for your savings at the moment so there are some great rates around. You can pick up around 5% interest at the moment with some of the special offers, which means your $840 will grow to more than $1,000 come December. Other ways you can avoid the December attack on your bank balance is to start buying gifts now. Keep an eye on sales, or use the lay-by facility offered by a number of retailers.

Not only will this help avoid a whopping bill in December, it also means you avoid falling into the trap of spending more than you should on a gift just so you can leave the madness of the shops. You can even help plan for the grocery bill by using a hamper company like Chrisco, or by buying gift cards or vouchers from the supermarket with your weekly shop. This does mean you'll miss out on all the extra dollars you'll earn if you have your money in a bank account earning interest, but if you don't trust yourself to keep that money aside for Christmas time then gift vouchers or a hamper program might be the way to go!

Regardless of what option you choose, one of the most important things to remember is that Christmas is all about people, not things. And the people you love would far rather you gave them home-cooked biscuits or a scratch-it inside a card with a personal note, than an expensive gift that will put you into debt for the start of the new year.

And even better, if they win big on the scratch-it, you might be the first person they invite over for champagne! So do your budget, work out how much you can spare each week, and work out the savings plan that works for you. That way you can be enjoying your turkey this year rather than feeling like one.